Second charge packager Y3S has received authorisation from the FCA.
The Cardiff-based packager has completed over £100m of loans this year, which it claims gives it a 12.5 per cent share of the market.
Chief executive Barney Drake says: “Our introducers use Y3S time and time again because for 14 years we have built a solid reputation for speed and efficiency in dealing with remortgage applications that, for whatever reason, have fallen out of bed.
“We welcome full authorisation and the imminent implementation of the MCD which will help to bring second charge loan products into the forefront of broker’s minds. As a second charge can often be a better solution than a remortgage, this can only be a good thing for their clients.”